http://www.legislation.gov.uk/uksi/2008/2646/regulation/2/madeThe Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2008Corporation taxTaxLife insuranceBusiness practice and regulationRegulation and deregulationenKing's Printer of Acts of Parliament2018-03-02CORPORATION TAX The Finance Act 2006 (“FA 2006”) extended the provisions in the Corporation Tax Acts concerning loss relief for groups of companies (known as “group relief”). Prior to that Act relief was available only to U.K. resident companies or companies with a permanent establishment in the U.K. Following the European Court of Justice’s decision in Marks and Spencer p.l.c. v Halsey (H.M. Inspector of Taxes) in 2005, FA 2006 included provisions allowing certain non-resident companies (an “EEA company”) to surrender losses to a U.K. resident company in the same group. The loss must be calculated following the provisions of the Corporation Tax Acts. Paragraph 16 of Schedule 18A to the Income and Corporation Taxes Act 1988 (“ICTA”) gives the Treasury power to modify the relevant provisions. These Regulations make such provision for insurance companies which carry on life insurance or general insurance business. These Regulations also consolidate previous provisions in relation to such companies. Modification of the Corporation Tax Acts 2 1 For the purposes of Part 2 of Schedule 18A to the Income and Corporation Taxes Act 1988, the Corporation Tax Acts, and provisions made under them, shall have effect with the modifications— a in regulation 3, in relation to EEA life insurance companies, and b in regulation 4, in relation to EEA general insurers. 2 For the purposes of these Regulations — “EEA general insurer” means an EEA company whose business consists of, or includes, the effecting or carrying out of contracts falling within Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; and “EEA life insurance company” means an EEA company whose business consists of, or includes, the effecting or carrying out of contracts falling within Part 2 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. 3 In paragraph (2)— “EEA company” means a non-resident company— which is resident in an EEA territory; or which is not so resident but which carries on a trade in an EEA territory through a permanent establishment. 4 In paragraph (3)— “EAA territory” has the meaning given in section 413(2) of the Income and Corporation Taxes Act 1988, and “non-resident” means a company which is not resident in the United Kingdom. S.I. 2001/544. The definition of “EEA territory” was inserted by paragraph 5 of Schedule 1 to the Finance Act 2006.
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<dc:title>The Group Relief for Overseas Losses (Modification of the Corporation Tax Acts for Non-resident Insurance Companies) Regulations 2008</dc:title>
<dc:subject>Corporation tax</dc:subject>
<dc:subject>Tax</dc:subject>
<dc:subject>Life insurance</dc:subject>
<dc:subject>Business practice and regulation</dc:subject>
<dc:subject>Regulation and deregulation</dc:subject>
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<dc:publisher>King's Printer of Acts of Parliament</dc:publisher>
<dc:modified>2018-03-02</dc:modified>
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<dc:description>The Finance Act 2006 (“FA 2006”) extended the provisions in the Corporation Tax Acts concerning loss relief for groups of companies (known as “group relief”). Prior to that Act relief was available only to U.K. resident companies or companies with a permanent establishment in the U.K. Following the European Court of Justice’s decision in Marks and Spencer p.l.c. v Halsey (H.M. Inspector of Taxes) in 2005, FA 2006 included provisions allowing certain non-resident companies (an “EEA company”) to surrender losses to a U.K. resident company in the same group. The loss must be calculated following the provisions of the Corporation Tax Acts. Paragraph 16 of Schedule 18A to the Income and Corporation Taxes Act 1988 (“ICTA”) gives the Treasury power to modify the relevant provisions. These Regulations make such provision for insurance companies which carry on life insurance or general insurance business. These Regulations also consolidate previous provisions in relation to such companies.</dc:description>
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<Text>For the purposes of Part 2 of Schedule 18A to the Income and Corporation Taxes Act 1988, the Corporation Tax Acts, and provisions made under them, shall have effect with the modifications—</Text>
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in regulation 3, in relation to
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“EEA general insurer” means an EEA company whose business consists of, or includes, the effecting or carrying out of contracts falling within Part 1 of Schedule 1 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
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; and
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<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/544" id="c00004" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="0544">S.I. 2001/544</Citation>
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